Mr. Matt Simpson reports

BLACK IRON ANNOUNCES UPSIZING OF LIFE OFFERING

Due to strong investor demand, Black Iron Inc. has upsized the listed issuer financing exemption offering previously announced on April 6, 2026, by $200,000 (U.S.), from gross proceeds of up to $1.7-million (U.S.) ($2,366,060 (Canadian)) to gross proceeds of up to $1.9-million (U.S.) ($2,626,750 (Canadian)).

The LIFE offering continues to be conducted on a non-brokered basis at a price of 10 cents per unit of the company, for the issuance of up to an additional 2,606,900 units pursuant to the upsizing, bringing the maximum number of units issuable under the LIFE offering to 26,267,500 units if fully subscribed.

Each unit will consist of one immediately free trading common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company at a price of 20 cents per common share for a period of 36 months following the closing date, commencing on the date that is 60 days from the closing date, subject to acceleration in certain circumstances.

The net proceeds from the sale of the units will be used for continuing project and administrative expenditures, including permit renewal relating to the company's Shymanivske project, and general corporate purposes and working capital, as set out in the offering document.

The completion of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Toronto Stock Exchange, and closing for minimum gross proceeds of approximately $1.2-million (U.S.) ($1,659,000 (Canadian)).

In connection with the upsizing of the LIFE offering, the company has filed an amended and restated offering document dated April 15, 2026, pursuant to and in accordance with the listed issuer financing exemption from the prospectus requirement available under Section 5A of National Instrument 45-106 (Prospectus Exemptions), as amended by Coordinated Blanket Order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption).

The amended and restated offering document can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read the offering document before making an investment decision and may contact invest@blackiron.com for more information.

About Black Iron Inc.

Black Iron is an iron ore exploration and development company, advancing its 100-per-cent-owned Shymanivske iron ore project located in Kryviy Rih, Ukraine. Full mineral resource details and projected project economics can be found in the National Instrument 43-101 technical report entitled "(Amended) Preliminary Economic Assessment of the Re-scoped Shymanivske Iron Ore Deposit" published in March, 2020, with an effective date of Nov. 21, 2017, under the company's profile on SEDAR+. The project is surrounded by five other operating mines, including Metinvest's YuGOK and ArcelorMittal's iron ore complex.

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